Thai PTTEP withdraws investment in Egypt offshore block
Written by Egypt News
Wednesday, 30 March 2011
Thailand's top oil and gas explorer, PTT Exploration and Production Pcl,
said on Wednesday its subsidiary has withdrawn its entire 30 percent
stake in an offshore project in Egypt
The withdrawal of the Sidi Abd El Rahman Offshore project came after completion of its exploration work commitments and it was subject to approval by Egypt's government, the company told the stock exchange.
PTTEP, the flagship in the upstream exploration business of top energy firm PTT Pcl, also said it found no petroleum from a well at the onshore Rommana block in Egypt, and would write off the estimated costs of $1 million in the first quarter.
In 2007, PTTEP and its joint venture partners signed concession agreements for the two exploration blocks in Egypt, which was its first investment in the country and part of PTTEP's plan to expand its presence in Africa.
PTTEP, which has interest in two oil and gas fields in Algeria, said in 2007 it was seeking expansion opportunities in Egypt and the African continent because the areas had high petroleum potential and close proximity to European markets.
PTTEP, which ranks among Asia's top 10 explorers and competes with big Chinese oil firms such as CNOOC and Sinopec, is involved in 44 oil and gas exploration and development projects.
In a separate statement, PTTEP said it has completed the sales of $700 million bonds to foreign institutional investors and the unsecured and unsubordinated 10-year bonds carried a coupon of 5.692 percent per annum.
The proceeds from the bond issue would be used for working capital and business expansion, it has said.
At 0410 GMT, PTTEP shares were up 0.3 percent, while the broader index was 0.7 percent higher.
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